Reduce your Financial Fear and Plan Ahead
With the counselling organisation, Relate, reporting one of the biggest causes of stress as worry about finances, this could be a good time to reduce your stress levels by reviewing your financial plans.
Here are some steps you can take to help you get your finances into good shape.
Review your financial goals
What are your short and longer-term financial goals? Depending on your age, these could be a variety of things; funding a child’s education, setting up your own business, retiring at 55 or saving for a deposit on a property. Whatever they are, they will undoubtedly require planning and financial outlay.
Work out the cost
Whilst it’s easy to calculate the cost of buying a property, working out how much you’ll need for a comfortable retirement is not so easy. That’s where a review with a financial adviser can help you get a better understanding of the costs involved and how much you’ll need to save regularly to turn your plans into reality.
What changes should I make?
To get the full picture, you’ll need to get all your financial documents together including pension, savings and tax statements and arrange a review with your adviser. Can you afford to save more? Could you put more into your pension? Are your investment plans still relevant to your needs?
Draw up a plan for your financial future
Getting to grips with your financial future needn’t be a daunting task. Armed with this information, your adviser can develop the right financial strategy for you.